Need some FICO scoring advice.

RebelSon · ‎04-09-2011

I checked my score power report and it says that my amount of new credit is "Not Good".

What are the things factored in that made it say "Not Good"?

Last account I opened was a CC on 01/2011

I also have 13 inquiries in the past 6 months that will all be deleted this coming month...

Starting Score: 460
Current Score: 750
Goal Score: 800

Take the myFICO Fitness Challenge

Anonymous · ‎04-09-2011

@RebelSon wrote:
I checked my score power report and it says that my amount of new credit is "Not Good".
What are the things factored in that made it say "Not Good"?

Last account I opened was a CC on 01/2011
I also have 13 inquiries in the past 6 months that will all be deleted this coming month...

Some folks have shared the following historical data on amount of new credit (YMMV):

Age of youngest CC 3 mos - "Not Good"

Age of youngest CC 1 year - "Good"

Age of youngest CC 1 yr 6 mos - "Very Good"

Also a note on (hard pull) inquiries: They will affect your FICO score for 12 months; and will show on your report for 24 months.

Hope that's helpful.

llecs · ‎04-09-2011

At the end of the year I was able to hit "very good" by being app free for over a year and having all of my TLs over a year old. I just added a mortgage and 3 new TLs and it went from "very good" to "bad" in short order.

RebelSon · ‎04-09-2011

Thanks. Now I'm going to have to be be app free for at least a year while my CC ages.

I think that will take me to "Good", hopefully lol.

Starting Score: 460
Current Score: 750
Goal Score: 800

Take the myFICO Fitness Challenge

Anonymous · ‎04-09-2011

@llecs wrote:
At the end of the year I was able to hit "very good" by being app free for over a year and having all of my TLs over a year old. I just added a mortgage and 3 new TLs and it went from "very good" to "bad" in short order.

When it comes having a new mortgage, I'm definitely "down" with being "bad."

llecs · ‎04-09-2011

@Anonymous wrote:
@llecs wrote:
At the end of the year I was able to hit "very good" by being app free for over a year and having all of my TLs over a year old. I just added a mortgage and 3 new TLs and it went from "very good" to "bad" in short order.
When it comes having a new mortgage, I'm definitely "down" with being "bad."

Plus 33k in new CLs